Posts made in May, 2008

Mortgage Down Payment Assistance Program

Posted by on May 28, 2008 in down payment assistance

Mortgage Down Payment Assistance Program There are programs like Nehamiah, Ameridream, you can even use them with FHA financing. http://www.fha.com/program_ameridream.cfm I am personally doing a deal right now with Nehamiah with FHA, let me go over a little bit about how it works. The seller participates into this program and pays a fee at closing to this company, the company charges a processing fee, on my transaction it’s $295.   Then the buyer is able to get a...

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Home Costs: A Homeowners Costs to Owning a Home

Posted by on May 26, 2008 in home ownership

When I run my excel spreadsheet with the costs of owning a home or rental property, here are the incomes, expenses, and tax considerations I consider when deciding profits or losses. Market Value @ the time of purchase Net Price from seller +Closing Costs on top +Buy + List agent commission on top Interest Rate Down Payment % Years(term) of Loan Starting Loan amount ANNUAL HOLDING COSTS Annual PI(Principle Interest) Paid Annual Property Taxes Annual PMI(Private Mortgage...

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Property Transactions: Up Until Closing Step by Step

Posted by on May 26, 2008 in property transactions

From mortgage lenders for refinancing homes to the purchase transaction, please see the process below. As a real estate agent, I have a steps to success for a typical transaction I do.  Here they are, basically in this order, I could add more steps in between, but this will give you the idea of Property Transactions up until Closing Credit Score Down Payment Source? Reserves? 2 years personal tax returns 2 years business tax returns Business P&L 1 Full month...

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